Sheikh Mohammed bin Hamad: Diversifying sources of financing and enhancing the flexibility of the business model
Sheikh Abdullah bin Fahd: The expansion strategy includes establishing strategic partnerships
Gulf Warehousing Company (GWC) announced the holding of an extraordinary general assembly yesterday, Tuesday, which approved the establishment of a sukuk program in accordance with Islamic Sharia principles for a total amount of 2 billion riyals (or its equivalent in other currencies). His Excellency Sheikh Mohammed bin Hamad bin Jassim bin Jabr Al Thani, Chairman of the Board of Directors of GWC, said: “We seek to diversify funding sources in conjunction with implementing a strategy that focuses on achieving strong operational performance, consolidating our leadership in the logistics services and supply chain solutions sector, and enhancing the flexibility of the business model.” And to prevent potential risks, in addition to focusing on sustainability and supporting small and medium-sized companies in conjunction with the twentieth anniversary of the company’s founding this year (2024).”
His Excellency explained that GWC is adopting a comprehensive expansion strategy with the aim of achieving long-term added value for customers and investors. In addition to supporting the strategy of the State of Qatar, which aims to increase the production capacity of liquefied natural gas through the North Field Expansion Project, which is the largest gas project under construction in the world, which will increase the country’s production capacity by 85% from the current 77 million tons to 142 million tons annually by The year 2030. Likewise, in early 2024, GWC launched its wholly-owned Falaq Logistics Company in Khazaen Economic City in the Sultanate of Oman as a platform for expansion in the Gulf markets.
For his part, His Excellency Sheikh Abdullah bin Fahd bin Jassim bin Jabr Al Thani, Managing Director of GWC, said: The company’s expansion strategy includes concluding new strategic partnerships, most notably the initial understanding agreement that GWC signed with GFH Financial Group. To develop up to 200,000 square meters of first-class logistics space in several key locations in the Kingdom of Saudi Arabia, including Riyadh, Jeddah, and Dammam, GWC also signed a preliminary memorandum of understanding to implement a joint project: Developing up to 100,000 square meters of first-class logistics space at the Ras Al-Khair Industrial Port in Saudi Arabia.